4h
The GBP / USD pair on the 4-hour chart completed an unsuccessful attempt to close under the correction level of 76.4% - 1.2812 rollback and return to this level. Moreover, if a new attempt to close under this level also fails, the pair will make a new turn in favor of the British currency, then the traders will be able to expect some growth in the direction of the correctional level 61.8% - 1.2904. On the other hand, fixing quotations under the Fibo level of 76.4% will work in favor of continuing to fall in the direction of the next level of correction 100.0% - 1.2662.
The Fibo grid was built according to extremums from August 15, 2018 and September 20, 2018.
1h
On the hourly chart, the pair returned to the correctional level of 76.4% - 1.2809. Rebounding the course of the pair from this level will allow traders to count on a reversal in favor of the pound sterling and some growth in the direction of the Fibo level 61.8% - 1.2878. Furthermore, overlapping divergences on November 27th are not observed in any indicator. Fixing the pair under the correction level of 76.4% will make it possible to expect a further fall in the direction of the next Fib level 100.0% - 1.2696.
The Fib net is built on extremes from October 30, 2018 and November 7, 2018.
Recommendations to traders:
New purchases of the GBP / USD pair can be made with a target of 1.2878 and a Stop Loss order under the correction level of 76.4% if the pair bounces off the 1.2809 level (hourly chart).
The material has been provided by InstaForex Company - www.instaforex.com